DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
BDC portfolio
Saratoga Investment Corp.
BDCSAR, SAJ, SAT, SAV, SAX, SAY, SAZCIK 1377936file 814-00732NEW YORK, NYmanaged by SARATOGA INVESTMENT ADVISORS, LLC
Fair value
$3.4B
as of May 31, 2026
Principal held
$1.2B
debt pieces, the filer's figure
Cost
$3.5B
96c on cost
Unfunded
n/a
commitments not yet drawn
Positions
205
109 borrowers
First lien
23%
31% debt by fair value
Quarters on the tape
8
since Feb 29, 2024
Facilities held
180
3 sponsors financed
Portfolio through time
Fair value by quarter end$3.4B as of May 31, 2026
Feb 29, 2024$8.0B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| May 31, 2026 | $3.4B | 109 | 94c | 5 | n/a |
| Feb 28, 2026 | $5.5B | 110 | 96c | 6 | n/a |
| Nov 30, 2025 | $3.0B | 101 | 96c | 5 | n/a |
| Aug 31, 2025 | $3.0B | 96 | 96c | 5 | 418 bp |
| May 31, 2025 | $3.9B | 87 | 95c | 6 | n/a |
| Feb 28, 2025 | $5.3B | 81 | 96c | 11 | n/a |
| Nov 30, 2024 | $3.8B | 78 | 97c | 8 | 711 bp |
| Feb 29, 2024 | $8.0B | 90 | 94c | 18 | 738 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Marked down (one lender)May 31, 2026
- Marked down (one lender)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Maturity extended (observed)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Maturity extended (observed)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Maturity extended (observed)May 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- New borrower on a BDC scheduleMay 31, 2026
- Maturity extended (observed)May 31, 2026
- Maturity extended (observed)May 31, 2026
Largest facilities held, with co-lenders
- Saratoga Investment Corp. CLO 2013-1 notes1 BDC hold it · matures Apr 20, 2033$120M n/a
- ComForCare first lien term loan1 BDC hold it · matures Dec 31, 2028$90.0M 100c
- Artemis Wax Corp delayed draw term loan1 BDC hold it · matures May 20, 2029$65.0M 100c
- Granite Comfort first lien term loan1 BDC hold it · matures May 16, 2028 · Tiger Infrastructure Partners LP$43.0M 98c
- Buildout, Inc delayed draw term loan1 BDC hold it · matures Sep 30, 2028$38.5M 98c
- Procurement Partners first lien term loan1 BDC hold it · matures Dec 31, 2028$35.1M 100c
- Employer Direct Healthcare second lien term loan1 BDC hold it · matures Jan 20, 2031$35.0M 100c
- Ready Education - Education first lien term loan1 BDC hold it · matures Aug 5, 2027$32.0M 100c
- Cloudpermit - Municipal Government first lien term loan1 BDC hold it · matures Sep 5, 2029$31.5M 100c
- GDS Software Holdings, LLC first lien term loan1 BDC hold it · matures Dec 30, 2028$28.7M 100c
- SAI Systems Health first lien term loan1 BDC hold it · matures Nov 24, 2030$28.0M 99c
- Saratoga unsecured or subordinated term loan1 BDC hold it · matures Oct 20, 2037$26.4M 55c
Schedule of investments at May 31, 2026
205 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Sub Total Non-control/Non-affiliate investments | unstated lien unstated | n/a | $1.0B 99c | ||
| ComForCare Health Care - Total Healthcare Services | unstated lien unstated | n/a | $93.0M 100c | ||
| ComForCare Healthcare Services | term loan first lien | $90.0M | $90.0M 100c | 6.25% | Dec 31, 2028 |
| Total Consumer Services | unstated lien unstated | n/a | $66.5M 98c | ||
| Artemis Wax Corp. Consumer Services | delayed draw term loan lien unstated | $65.0M | $64.6M 100c | 6.75% | May 20, 2029 |
| WBOX 2025-5A D2 - Total Structured Finance Securities | unstated lien unstated | n/a | $57.7M 100c | ||
| LFR Chicken LLC - Restaurant - Total Restaurant | unstated lien unstated | n/a | $55.5M 101c | ||
| Buildout, Inc. - Total Real Estate Services | unstated lien unstated | n/a | $52.1M 97c | ||
| Granite Comfort, LP - HVAC Services and Sales - Total HVAC Services and Sales | unstated lien unstated | n/a | $50.5M 98c | ||
| Sub Total Affiliate investments | unstated lien unstated | n/a | $50.3M 102c | ||
| Procurement Partners Holdings LLC - Healthcare Software - Total Healthcare Software | unstated lien unstated | n/a | $45.6M 99c | ||
| Granite Comfort, LP - HVAC Services and Sales | term loan first lien | $43.0M | $42.2M 98c | 7.38% | May 16, 2028 |
| Sub Total Control investments | unstated lien unstated | n/a | $41.3M 54c | ||
| Buildout, Inc. Real Estate Services | delayed draw term loan lien unstated | $38.5M | $37.6M 98c | 7.00% | Sep 30, 2028 |
| Archimedes Parent LLC - Research Software - Total Research Software | unstated lien unstated | n/a | $35.4M 96c | ||
| Procurement Partners, LLC - Healthcare Software | term loan first lien | $35.1M | $35.0M 100c | 5.50% | Dec 31, 2028 |
| Employer Direct Healthcare, LLC (Lantern) - Surgical Benefits Management - Total Surgical Benefits Management | unstated lien unstated | n/a | $34.7M 100c | ||
| Employer Direct Healthcare, LLC (Lantern) - Surgical Benefits Management | term loan second lien | $35.0M | $34.7M 100c | 7.25% | Jan 20, 2031 |
| Municipal Government Software | unstated lien unstated | n/a | $33.6M 101c | ||
| Dental Practice Management - Total Dental Practice Management | unstated lien unstated | n/a | $32.5M 105c | ||
| Total Financial Services | unstated lien unstated | n/a | $32.1M 100c | ||
| Education Software - Total Education Software | unstated lien unstated | n/a | $31.9M 100c | ||
| Ready Education - Education Software | term loan first lien | $32.0M | $31.9M 100c | 7.00% | Aug 5, 2027 |
| Cloudpermit - Municipal Government Software | term loan first lien | $31.5M | $31.3M 100c | 5.75% | Sep 5, 2029 |
| GDS Software Holdings, LLC Financial Services | term loan first lien | $28.7M | $28.6M 100c | 7.00% | Dec 30, 2028 |
| SAI Systems Health Topco, LLC - Revenue Cycle Management & Related Services - Total Revenue Cycle Management & Related Services | unstated lien unstated | n/a | $28.0M 100c | ||
| SAI Systems Health, LLC - Revenue Cycle Management & Related Services | term loan first lien | $28.0M | $27.7M 99c | 5.00% | Nov 24, 2030 |
| Jobvite, Inc. - Talent Acquisition Software - Total Talent Acquisition Software | unstated lien unstated | n/a | $27.0M 98c | ||
| Axero Holdings, LLC - Employee Collaboration Software - Total Employee Collaboration Software | unstated lien unstated | n/a | $26.9M 120c | ||
| Wellspring Worldwide Inc. - Research Software | delayed draw term loan lien unstated | $25.3M | $25.2M 100c | 8.42% | Feb 28, 2029 |
| Vitana DSO, LLC - Pediatric and Orthodontic Dentistry Platform | term loan first lien | $25.0M | $24.8M 100c | 7.50% | May 28, 2031 |
| Vitana DSO, LLC - Pediatric and Orthodontic Dentistry Platform - Total Pediatric and Orthodontic Dentistry Platform | unstated lien unstated | n/a | $24.8M 100c | ||
| Stretch Zone Franchising, LLC - Health/Fitness Franchisor - Total Health/Fitness Franchisor | unstated lien unstated | n/a | $24.6M 92c | ||
| Stretch Zone Franchising, LLC - Health/Fitness Franchisor | term loan first lien | $25.0M | $24.1M 97c | 7.00% | Mar 31, 2028 |
| Total Architecture & Engineering Software | unstated lien unstated | n/a | $23.1M 101c | ||
| BQE Software, Inc. - Architecture & Engineering Software | term loan first lien | $23.0M | $23.1M 101c | 5.50% | Apr 13, 2028 |
| Total Education Services | unstated lien unstated | n/a | $22.8M 97c | ||
| Breezeway Homes, Inc - Total Property Operations Management Software | unstated lien unstated | n/a | $22.8M 100c | ||
| C2 Educational Systems, Inc Education Services | term loan first lien | $23.0M | $22.4M 98c | 8.50% | Nov 30, 2026 |
| Custom Millwork Software | term loan first lien | $22.5M | $22.4M 100c | 7.29% | Feb 20, 2030 |
| Custom Millwork Software - Total Custom Millwork Software | unstated lien unstated | n/a | $22.4M 100c | ||
| Fire Inspection Business Software - Total Fire Inspection Business Software | unstated lien unstated | n/a | $21.9M 100c | ||
| Panther ParentCo LLC - Insurance Software - Total Insurance Software | unstated lien unstated | n/a | $21.9M 110c | ||
| Breezeway Homes, Inc - Property Operations Management Software | term loan first lien | $22.0M | $21.8M 100c | 6.63% | Feb 23, 2031 |
| LFR Chicken LLC - Restaurant | term loan first lien | $22.0M | $21.7M 99c | ||
| Total Investment Fund | unstated lien unstated | n/a | $20.6M 56c | ||
| Inspect Point Holdings, LLC - Fire Inspection Business Software | term loan first lien | $20.0M | $19.9M 100c | 5.50% | Jul 19, 2029 |
| Jobvite, Inc. - Talent Acquisition Software | term loan first lien | $20.0M | $19.5M 98c | 7.50% | Aug 5, 2028 |
| Mentoring Software - Total Mentoring Software | unstated lien unstated | n/a | $19.1M 83c | ||
| Maple Holdings Midco Limited - Total IT Services | unstated lien unstated | n/a | $18.7M 99c | ||
| LFR Chicken LLC - Restaurant | delayed draw term loan lien unstated | $18.0M | $17.8M 99c | 4.50% | Nov 26, 2030 |
| AgencyBloc, LLC - Insurance Software | term loan first lien | $17.4M | $17.3M 100c | 6.31% | Oct 1, 2029 |
| Exigo, LLC - Direct Selling Software | term loan first lien | $23.8M | $17.3M 73c | 6.25% | Mar 16, 2027 |
| Direct Selling Software - Total Direct Selling Software | unstated lien unstated | n/a | $17.1M 69c | ||
| Axero Holdings, LLC - Employee Collaboration Software | term loan first lien | $17.2M | $17.1M 100c | 10.66% | Dec 31, 2027 |
| Avantra IT Services | term loan first lien | $17.0M | $16.9M 100c | 7.97% | Sep 20, 2029 |
| Madison Logic, Inc - Madison Logic, Inc | term loan first lien | $19.2M | $16.2M 85c | 7.00% | Dec 30, 2028 |
| Madison Logic, Inc - Marketing Orchestration Software - Total Marketing Orchestration Software | unstated lien unstated | n/a | $16.2M 85c | ||
| ETU Holdings, Inc. - Corporate Education Software - Total Corporate Education Software | unstated lien unstated | n/a | $15.8M 82c | ||
| Saratoga | term loan unsecured or subordinated | $17.6M | $15.7M 89c | 10.00% | Oct 20, 2033 |
| VetnCare MSO, LLC - Total Veterinary Services | unstated lien unstated | n/a | $14.6M 100c | ||
| VetnCare MSO, LLC Veterinary Services | delayed draw term loan lien unstated | $14.6M | $14.6M 100c | 5.75% | May 12, 2028 |
| Chronus LLC - Mentoring Software | term loan first lien | $15.0M | $14.0M 93c | 5.25% | Aug 26, 2026 |
| Buildout, Inc. Real Estate Services | term loan first lien | $14.0M | $13.7M 98c | 7.00% | Sep 30, 2028 |
| Modis Dental Partners OpCo, LLC - Dental Practice Management | delayed draw term loan lien unstated | $13.0M | $13.1M 101c | 9.32% | Apr 18, 2028 |
| Better Impact USA Inc. - Volunteer Program Management Software - Total Volunteer Program Management Software | unstated lien unstated | n/a | $12.9M 100c | ||
| Total Alternative Investment Management Software | unstated lien unstated | n/a | $12.7M 96c | ||
| Zollege PBC - Total Education Services | unstated lien unstated | n/a | $12.3M 572c | ||
| StockIQ Technologies, LLC - Supply Chain Planning Software - Total Supply Chain Planning Software | unstated lien unstated | n/a | $12.1M 100c | ||
| Better Impact USA Inc. - Volunteer Program Management Software | term loan first lien | $12.0M | $11.9M 100c | 4.75% | Jan 8, 2031 |
| Altvia MidCo, LLC. - Alternative Investment Management Software | term loan first lien | $11.2M | $11.0M 98c | 8.08% | Jul 18, 2027 |
| Zollege PBC Education Services | equity equity | $7.7M | $10.9M 1948c | ||
| Procurement Partners, LLC - Healthcare Software | delayed draw term loan lien unstated | $10.3M | $10.3M 100c | 5.50% | Dec 31, 2028 |
| StockIQ Technologies, LLC - Supply Chain Planning Software | term loan first lien | $10.0M | $9.9M 100c | 5.50% | Mar 26, 2030 |
| Rewind Intermediate Inc. - Residential Remediation Services - Total Residential Remediation Services | unstated lien unstated | n/a | $9.3M 100c | ||
| Wellspring Worldwide Inc. - Research Software | term loan first lien | $9.4M | $9.3M 100c | 8.42% | Feb 28, 2029 |
| Rewind Intermediate Inc. - Residential Remediation Services | term loan first lien | $8.9M | $8.8M 100c | 4.25% | Mar 5, 2031 |
| Saratoga Investment Corp. | term loan unsecured or subordinated | n/a | $8.3M 26c | ||
| Saratoga Investment Corp. | term loan unsecured or subordinated | $8.8M | $8.3M 98c | 11.01% | Oct 20, 2037 |
| Granite Comfort, LP - HVAC Services and Sales | delayed draw term loan lien unstated | $8.4M | $8.2M 98c | 7.38% | May 16, 2028 |
| Vector Controls Holding Co., LLC - Industrial Products | warrants equity | $329 | $8.2M | Nov 30, 2027 | |
| Vector Controls Holding Co., LLC - Industrial Products - Total Industrial Products | unstated lien unstated | n/a | $8.2M | ||
| ETU Holdings, Inc. - Corporate Education Software | term loan second lien | $8.6M | $8.0M 94c | PIK 15.00% | Feb 18, 2028 |
| Angry Chickz, Inc. - Restaurant | term loan first lien | $7.9M | $7.9M 100c | 4.75% | Oct 9, 2030 |
| SmartAC.com, LLC - HVAC Monitoring Devices - Total HVAC Monitoring Devices | unstated lien unstated | n/a | $7.6M 100c | ||
| ETU Holdings, Inc. - Corporate Education Software | term loan first lien | $7.1M | $7.1M 100c | 9.00% | Aug 18, 2027 |
| Modis Dental Partners OpCo, LLC - Dental Practice Management | term loan first lien | $7.0M | $7.0M 101c | ||
| Gen4 Dental Partners Holdings, LLC - Dental Practice Management | term loan first lien | $7.0M | $7.0M 101c | 5.75% | May 13, 2030 |
| Haystack Team Inc - Employee Collaboration Software - Total Employee Collaboration Software | unstated lien unstated | n/a | $6.6M 97c | ||
| PG Source Investments, LLC - Product Compliance Software - Total Product Compliance Software | unstated lien unstated | n/a | $6.1M 102c | ||
| JDXpert - Talent Acquisition Software | term loan first lien | $6.0M | $6.0M 100c | 8.50% | May 2, 2027 |
| Angry Chickz, Inc. - Restaurant | delayed draw term loan lien unstated | $6.0M | $6.0M 101c | 4.75% | Oct 9, 2030 |
| Emily Street Enterprises, L.L.C - Office Supplies | term loan first lien | $5.3M | $5.3M 100c | 6.75% | Dec 31, 2028 |
| Emily Street Enterprises, L.L.C - Office Supplies - Total Office Supplies | unstated lien unstated | n/a | $5.3M 100c | ||
| Haystack Team Inc - Employee Collaboration Software | term loan first lien | $5.4M | $5.3M 100c | 5.50% | Dec 31, 2030 |
| Control investments - 10.9% - Total Investment Fund - Member | equity equity | $19.2M | $5.0M 26c | ||
| Chronus LLC - Mentoring Software | term loan first lien | $5.0M | $4.7M 93c | 6.00% | Aug 26, 2026 |
| SmartAC.com, LLC - HVAC Monitoring Devices | term loan first lien | $4.6M | $4.6M 100c | 11.16% | Apr 7, 2030 |
| Panther ParentCo LLC - Insurance Software | equity equity | $2.5M | $4.5M 182c | ||
| Schoox, Inc. - Corporate Education Software - Series 1 | equity equity | $1,050 | $4.5M 819c |
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Registration
- Fiscal year end
- 0228reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- GSC INVESTMENT CORP.; GSC Investment LLCreported
- Latest schedule
- 0001213900-26-075931reported